Sunday, November 3, 2013

Namibia Getting Ready To Start Digging For Diamonds

It is already the biggest offshore diamond mining nation in the world, but now the Namibian
government has also shown it is keen on its advancing its land-based
mining industry as well, and to that end has secured international
partners to begin exploration for precious gems, metals, and other
minerals. The state-owned investment
firm Epangelo announced that it had established joint ventures with
close to twenty firms that would search for rough diamonds, uranium, copper, gold, zinc and rare earth metals.
In 2011, three years after it was established, Epangelo was granted
the exclusive right to explore for resources in Namibia. But unlike in
Zimbabwe, where all mining firms must be at least half-owned by locals,
Epangelo is willing to grant majority shares to its international
partners, according to the firm's managing director Eliphas Hawala.
Handover of the reins of the JV's is contingent on meeting certain
milestones, including a commitment to finance the projects and bring
them to commercial production